Piper Sandler Lowers Hanmi Financial (NASDAQ:HAFC) Price Target to $32.00

Hanmi Financial (NASDAQ:HAFC) had its price target cut by Piper Sandler from $34.00 to $32.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 22.65% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. DA Davidson reissued a “neutral” rating and set a $29.50 price objective on shares of Hanmi Financial in a research report on Thursday, January 29th. Wall Street Zen lowered shares of Hanmi Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Hanmi Financial in a report on Monday, December 29th. Finally, Zacks Research lowered Hanmi Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $30.67.

Hanmi Financial Trading Down 1.9%

HAFC opened at $26.09 on Thursday. The firm’s fifty day moving average is $26.63 and its two-hundred day moving average is $26.71. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $779.86 million, a PE ratio of 10.39 and a beta of 0.68. Hanmi Financial has a twelve month low of $19.25 and a twelve month high of $30.20.

Hanmi Financial (NASDAQ:HAFC) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.01). Hanmi Financial had a net margin of 17.10% and a return on equity of 9.85%. The firm had revenue of $71.20 million during the quarter, compared to analyst estimates of $71.40 million. Equities research analysts anticipate that Hanmi Financial will post 2.6 EPS for the current year.

Institutional Investors Weigh In On Hanmi Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in HAFC. AlphaQuest LLC grew its holdings in shares of Hanmi Financial by 201.7% in the 3rd quarter. AlphaQuest LLC now owns 1,792 shares of the bank’s stock valued at $44,000 after acquiring an additional 1,198 shares in the last quarter. Royal Bank of Canada boosted its position in Hanmi Financial by 30.5% during the fourth quarter. Royal Bank of Canada now owns 1,880 shares of the bank’s stock valued at $51,000 after purchasing an additional 439 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Hanmi Financial by 343.2% in the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the bank’s stock valued at $56,000 after purchasing an additional 1,764 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Hanmi Financial by 148.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,414 shares of the bank’s stock worth $60,000 after purchasing an additional 1,442 shares during the last quarter. Finally, SummitTX Capital L.P. acquired a new position in shares of Hanmi Financial during the 4th quarter worth approximately $203,000. 88.66% of the stock is owned by institutional investors.

About Hanmi Financial

Hanmi Financial Corporation is a bank holding company based in California, primarily operating through its wholly owned subsidiary, Hanmi Bank. Established in 1982 to serve the Korean‐American community in Los Angeles, the company has expanded its footprint to include branch locations throughout California as well as markets in Illinois, Texas and Washington State. Hanmi Bank offers a comprehensive suite of commercial and consumer banking products designed to meet the needs of small and medium‐sized businesses, professionals and individual clients.

On the commercial banking side, Hanmi Bank provides business checking and savings accounts, lines of credit, commercial real estate lending and SBA‐guaranteed loans.